‘An excellent start to the year’
For the six months ended 31 March 2023
Group Financial Headlines:
- Revenue increased 7.9%1 to £794.0m (AER +10.4%)
- Adjusted EBIT increased 16.7%1 to £85.3m (AER +16.1%), operating profit increased 21.5%1
- Adjusted EBIT margin increased 80bps1 to 10.7% (AER +50bps)
- Profit after tax increased 21.2%1 to £54.4m
- Adjusted earnings per share of 22.8p, up 17.5%
- Interim dividend of 8.2p, up 5.1%
- Adjusted net debt/EBITDA of 2.2x, in line with the same time last year
Highlights:
- Consumer demand for our brands remains strong – Q2 volumes in growth
- Successfully managing the challenging inflationary environment
- Continued investment in growth capacity, with new lines operational in GB and Brazil
- Standout performance from Tango and Pepsi MAX
- Robinsons relaunch to accelerate flavour concentrates
- Further share buyback programme announced, of up to £75m over the next 12 months
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|
6 months ended £m |
6 months ended £m |
% change |
Underlying |
|
Revenue |
794.0 |
719.3 |
10.4% |
7.9% |
|
Adjusted EBIT |
85.3 |
73.5 |
16.1% |
16.7% |
|
Adjusted EBIT margin |
10.7% |
10.2% |
50bps |
80bps |
|
Operating profit |
80.7 |
67.1 |
20.3% |
21.5% |
|
Operating profit margin |
10.2% |
9.3% |
90bps |
120bps |
|
Profit after tax |
54.4 |
45.9 |
18.5% |
21.2% |
|
Basic EPS |
21.0p |
17.2p |
22.3% |
|
|
Adjusted EPS |
22.8p |
19.4p |
17.5% |
|
|
Interim dividend per share |
8.2p |
7.8p |
5.1% |
|
|
Adjusted net debt/EBITDA |
2.2x |
2.2x |
- |
|
|
See glossary on page 15 for definitions of performance measures and appendix 1 for reconciliations of non-GAAP measures |
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1. Adjusted for constant currency exchange rates
Simon Litherland, Chief Executive Officer commented:
“We have delivered an excellent start to the year, making great progress on our People, Planet and Performance measures. Our continued focus on lower calorie, healthier drinks has resulted in some standout performances, including Pepsi MAX and Tango in Great Britain as well as Ballygowan ‘Hint of Fruit’ in Ireland. We have successfully mitigated the impact of the challenging inflationary environment, while continuing to offer consumers great quality and value at affordable prices. Looking ahead, we will be activating a series of exciting marketing and innovation campaigns this summer. We have a fantastic portfolio, a well-invested business, and a very talented team, so I am confident that we will continue to make further strong progress this year and beyond, creating value for all our stakeholders.”
For further information please contact:
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Investors: |
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Steve Nightingale (Director of Investor Relations) |
+44 (0) 7808 097 784 |
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Media: |
|
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Stephanie Macduff-Duncan (Head of Corporate Communications) |
+44 (0) 7808 097 680 |
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Stephen Malthouse (Headland) |
+44 (0) 7734 956 201 |
There will be a webcast of the presentation given today at 09:00am by Simon Litherland (Chief Executive Officer) and Chris Hancock (Chief Strategy Officer). The webcast will be available at www.britvic.com/investors with a transcript available in due course. To ask a question on the webcast, please dial +0808 109 0700 or +44 (0) 33 0551 0200 and quote Britvic Interim Results when prompted by the operator.
Cautionary note regarding forward-looking statements
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors including the COVID-19 pandemic, which may cause the actual results, performance, or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by the Listing Rules and applicable law, Britvic undertakes no obligation to update or change any forward-looking statements to reflect events occurring after the date such statements are published. This announcement contains inside information related to a share buyback programme. The person responsible for making this announcement is Clare Thomas, Company Secretary.
Alternative performance measures
The annual financial statements of the Group are prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS). The condensed set of financial statements included in this interim results announcement has been prepared in accordance with UK-adopted IAS 34 ‘Interim Financial Reporting’. We use certain non-IFRS alternative performance measures to provide additional information about the Group’s performance. Non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS and are also used internally to measure and manage the business. Non-IFRS measures are defined in the glossary on page 15 and reconciled to the nearest IFRS measure in Appendix 1.
Market data
GB take-home market data referred to in this announcement is supplied by Nielsen and runs to 25 March 2023. ROI take-home market data referred to is supplied by Nielsen and runs to 26 March 2023. French market data is supplied by Nielsen and runs to 26 March 2023.
Next scheduled announcement
Britvic will publish its Q3 trading statement on 27 July 2023.